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WPX > SEC Filings for WPX > Form 8-K on 29-May-2014All Recent SEC Filings

Show all filings for WPX ENERGY, INC.

Form 8-K for WPX ENERGY, INC.


Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On May 22, 2014, the Board of Directors (the "Board") of WPX Energy, Inc. (the "Company" or "WPX Energy") approved a cash severance payment for James J. Bender, who served as the Company's President and Chief Executive Officer from December 31, 2013 until May 15, 2014. The Company will eliminate Mr. Bender's current position as Senior Vice President - Special Projects, effective upon the date of his separation from the Company (the "Termination Date").

Under the severance terms approved by the Board, Mr. Bender will be entitled to a cash payment of $400,000 as of the Termination Date. Mr. Bender will otherwise be entitled to such payments and benefits that are payable upon the termination of his position under pre-existing equity award agreements and executive benefit plans. All incentive compensation paid to Mr. Bender shall remain subject to the Company's standard recoupment or "clawback" policy, as described in the Company's most recent proxy statement to stockholders. Mr. Bender's cash severance payment is conditioned on his execution and delivery of a general release of any claims against the Company.

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